Bapco Energies 14 Dec 2023

HH Shaikh Nasser chairs Bapco Energies’ board meeting


His Highness Shaikh Nasser bin Hamad Al Khalifa, His Majesty the King’s Representative for Humanitarian Works and Youth Affairs, Chairman of Bapco Energies, today chaired the Company’s Board of Directors meeting for the last quarter of the year.

HH Shaikh Nasser commended the speech delivered by His Majesty King Hamad bin Isa Al Khalifa before the COP28 Summit announcing the launch of Bahrain's National Action Plan, "Blueprint Bahrain", which is aimed at achieving carbon neutrality.

His Highness emphasised that His Majesty's announcement marks a significant milestone in Bahrain's energy sector transformation and sustainability journey.

HH Shaikh Nasser congratulated His Majesty King Hamad bin Isa Al Khalifa and His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, on the occasion of the Kingdom of Bahrain's celebration of its National Days, in commemoration of the establishment of the modern Bahraini State as an Arab, Muslim state founded by Ahmed Al Fateh in 1783, and the anniversary of His Majesty King Hamad bin Isa Al Khalifa’s Accession to the Throne.

His Highness commended the group's achievements in the current year, which included launching the Sustainability-Linked Finance Framework ("Framework"), making it the world’s first national energy group to implement this practice. This is in addition to partnering with regional institutions to develop a national portfolio of energy companies, and enhancing investment opportunities in the sector. This led to its success in refinancing Murabaha facilities worth $2.2 billion, increasing it to $2.5 billion, and issuing Sukuk worth US$750 million for 10 years.

His Highness welcomed Bapco Energies Group's transformation into world-class governance processes and the completion of the first environmental and social impact assessment for Bahrain; as well as comducting the feasibility study for a carbon capture and storage project to achieve 10% of the target of reducing carbon emissions by 2035.

The meeting reviewed the group's financial performance for Q4 2023, focusing on major projects aligned with Bahrain's national energy strategy.

They also discussed a strategic investment package to support the group's transformation project in line with global sector changes.

Mark Thomas, the Group Chief Executive Officer of Bapco Energies, presented the company's environmental and social governance report, which outlined procedures for achieving health and safety principles. It also covered forming an environment, health, and safety working committee to create training programs for 2024 projects and standardise data collection for greater transparency, integrity, and accountability.

Abdulla Jehad Al Zain, Chairman of the Board of Directors of Bapco Refining; Dr. Abdulrahman Jawahery, Chief Executive Officer gave a presentation on the latest Bapco Modernisation Programme (BMP).

Faisal Al Mahroos, and Johann Pleininger, the Chief Executive of Bapco Upstream, gave a presentation the company's ongoing exploration and production activity.